Cornerstone Investment Partners LLC Invests $224,000 in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Cornerstone Investment Partners LLC purchased a new position in Fortune Brands Innovations, Inc. (NYSE:FBIN) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 2,941 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of Fortune Brands Innovations by 4.5% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 10,506 shares of the company’s stock valued at $800,000 after acquiring an additional 456 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Fortune Brands Innovations by 3.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 7,900 shares of the company’s stock valued at $602,000 after acquiring an additional 300 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Fortune Brands Innovations by 8.0% in the fourth quarter. Vontobel Holding Ltd. now owns 9,238 shares of the company’s stock valued at $703,000 after acquiring an additional 684 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Fortune Brands Innovations in the fourth quarter valued at about $1,445,000. Finally, Louisiana State Employees Retirement System acquired a new position in Fortune Brands Innovations during the fourth quarter worth approximately $2,695,000. 87.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Ronald V. Waters sold 2,000 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $81.10, for a total transaction of $162,200.00. Following the completion of the transaction, the director now directly owns 2,435 shares of the company’s stock, valued at approximately $197,478.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by corporate insiders.

Fortune Brands Innovations Trading Up 0.3 %

NYSE:FBIN traded up $0.22 during trading hours on Friday, hitting $73.80. 363,827 shares of the company were exchanged, compared to its average volume of 1,046,977. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 23.21, a price-to-earnings-growth ratio of 2.12 and a beta of 1.57. The company has a current ratio of 1.70, a quick ratio of 0.89 and a debt-to-equity ratio of 1.16. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $84.92. The company has a fifty day simple moving average of $80.44 and a 200 day simple moving average of $73.33.

Fortune Brands Innovations (NYSE:FBIN) last announced its earnings results on Tuesday, January 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.02. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.14 billion. Fortune Brands Innovations had a return on equity of 22.61% and a net margin of 8.74%. Fortune Brands Innovations’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS. Sell-side analysts expect that Fortune Brands Innovations, Inc. will post 4.27 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on FBIN. Barclays boosted their price target on Fortune Brands Innovations from $87.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 31st. Oppenheimer began coverage on Fortune Brands Innovations in a report on Friday, January 19th. They set a “market perform” rating for the company. BMO Capital Markets restated a “market perform” rating and set a $82.00 price objective (up previously from $76.00) on shares of Fortune Brands Innovations in a report on Wednesday, January 31st. Finally, Robert W. Baird reduced their price objective on Fortune Brands Innovations from $86.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fortune Brands Innovations has a consensus rating of “Hold” and an average price target of $78.44.

Fortune Brands Innovations Profile

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.